Vodacom is Selling 100% of its Nigerian Subsidiary

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Written by Carolyne Tanui | Kenyan WallStreet

Published: June 24, 2019 9:28 PM

Vodacom (JSE:VOD, DSE:VODA), the South African network operator is selling 100% of its business in Nigeria to Synergy Communication, and it is also finalizing plans to sell its subsidiary in Zambia and Cote d’Ivoire to Synergy, this is according to reports by Nairametrics.

In a statement, the telco said that it seeks to operate as a network provider through local partnerships and that it wants to eliminate the conduct of direct service for global enterprise customers in these three markets.

“Crucially, Vodacom is not exiting any of the territories related to this transaction and remains focused on continuing to deliver exceptional service to our global and multinational clients in these markets through long-term commercial agreements.” Shameel Joosub, CEO of Vodacom Group, said.

Synergy Communications, which currently runs operations in Malawi, Mozambique, and Botswana is buying the stake as it seeks to boost its objective to be a leading provider of cloud and digitally based services in key markets across sub-Saharan Africa.

“This is an exciting landmark transaction for Synergy Communications, providing us with additional momentum in the delivery of our strategy as a pan-African enterprise digital Services Provider,” Andile Ngcaba, Chairman of Synergy Communications said.

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